Posted by kftaxaccounting2014 on October 17, 2014 in Uncategorized | 1 comment

It’s been a contentious subject for sure, but the health care law commonly referred to as Obamacare includes provisions you need to know and understand, especially as 2014 draws to a close and next year’s tax filing season is on the horizon.

No matter your opinions about the law formally called the Affordable Care Act (ACA), it’s important to separate fact from fiction about the law when you file your 2014 income tax return.

What’s the Impact of the ACA on Your Taxes

Within the ACA is a provision known as the “Individual Shared Responsibility Provision.” This is the portion of the law that contains requirements about the level of insurance you must maintain.

As contentious as all the talk about this has been, most health insurance plans provided through the government, through employers, or purchased through the individual market meet the minimum standards defined within the Affordable Care Act. If you get your health coverage through one of these channels, it’s highly likely your coverage meets the standards of the law.